Up to $977m was raised across the 21 deals recorded by FinTech Global this week, representing a strong week for the market.
The leading investment this week was for Duetti, a music FinTech platform, that pulled in $200m in debt funding to expand its offering.
The best performing sector this week was the general FinTech market, that pulled in 6 deals, only just pipping InsurTech firms to the post, who were responsible for 5 of the deals. AI and AI-Driven platforms pulled in 4 deals, CyberTech saw 2 deals, SaaS firms brought in 3 deals and PayTechs brought in 1 deal.
Geographically, the US had a stellar week with 13 deals, the UK following behind with 4, then India, Canada, Israel and Japan with 1 respectively.
Despite funding holding steady in the FinTech market, recent research by FinTech Global has found the industry – specifically the WealthTech space – saw a steep drop in funding last year in its European market.
In 2024, the European WealthTech sector recorded $5.4bn in total funding across 272 deals, reflecting a sharp decline of 65% from the $15.6bn raised in 2023 and a 71% drop in the number of transactions from 924 in the previous year.
Here are this week’s deals.
Music FinTech Duetti secures $200m
Duetti, a music FinTech platform, has secured $200m in new debt funding to expand its financial services for independent music creators, including new royalty and publishing catalogue deals.
The company has also announced a major expansion of its offerings to support royalty and publishing catalogue deals. This new service gives independent artists, songwriters and producers broader options to unlock the value of their creative work.
The company has secured $200m in new funding to support this expansion, raised through two separate credit facilities. A $150m facility was led by Truist Securities Inc., with participation from Truist Bank, City National Bank, and Regions Bank as joint lead arrangers. An additional $50m side facility was provided by Viola Credit.
UK AI FinTech Quantexa secures $175m
Quantexa, a global provider of AI-driven decision intelligence solutions, has successfully closed a $175m Series F funding round.
The funding round was led by Teachers’ Venture Growth (TVG), part of the Ontario Teachers’ Pension Plan, with ongoing support from existing investors such as British Patient Capital.
Other backers in Quantexa include Warburg Pincus, Dawn Capital, BNY, Evolution Equity Partners, AlbionVC, and HSBC.
The fresh investment values the London-based company at $2.6bn.
FinTech giant Ramp secures $150m secondary sale
Ramp, a leading financial operations platform known for its all-in-one solution for corporate finance management, has secured $150m through a secondary share sale.
The $150m secondary transaction was backed by prominent investors including Stripes, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures, and Definition Capital. The deal values Ramp at approximately $13bn.
Ramp, founded in 2019, provides a comprehensive platform designed to streamline financial operations for businesses.
SpecterOps secures $75m in Series B
SpecterOps, a leading provider of adversary-focused cybersecurity solutions, has successfully raised a substantial $75m in its Series B funding round.
This funding will primarily support the scaling of SpecterOps’ BloodHound Enterprise (BHE), the first platform in the industry dedicated to comprehensively removing Identity-based Attack Paths.
The company’s innovative approach treats enterprise identity architectures as dynamic, interconnected graphs, continuously detecting and addressing potential security vulnerabilities.
InsuranceDekho secures $70m
Beams Fintech Fund, a prominent private equity firm focused on growth-stage FinTech and financial services companies, has confirmed its participation in a $70m funding round for its portfolio company InsuranceDekho.
The round was co-led by Beams Fintech Fund alongside Japan’s Mitsubishi UFJ Financial Group (MUFG) and insurer BNP Paribas Cardif, which participated through its InsurTech fund managed by European investment firm Eurazeo.
Launched in 2017 by founder Ankit Agrawal, InsuranceDekho has established itself as one of India’s leading InsurTech platforms, transforming how insurance is distributed across the country.
Giift rebrands globally following $70m investment
Giift, a leading provider of AI-powered loyalty and rewards solutions, has rebranded globally as Xoxoday.
The strategic move follows a $70m investment from Apis Growth Fund II, a private equity fund managed by UK-based Apis Partners. Apis Partners is known for backing growth-stage financial services and infrastructure firms with a focus on ESG and impact-driven investments.
Xoxoday specialises in employee recognition, sales incentives, and customer loyalty programmes through its comprehensive suite of SaaS solutions.
Grain lands $50m+ funding
Grain, a FinTech company focused on optimising foreign exchange (FX) for cross-border transactions, has secured over $50m in new funding to advance its AI-powered platform.
Grain specialises in providing embedded FX solutions for B2B platforms, marketplaces, and payment providers. Its technology is designed to mitigate currency risk in real time while helping businesses dynamically price transactions at the point of sale.
By integrating directly into sales interfaces, the platform automatically adjusts pricing based on each customer’s specific profile.
Lenkie lands £49m
Lenkie, a UK-based FinTech focused on cashflow management, has raised £49m in Series A funding to drive its mission of improving access to capital for small and medium-sized enterprises (SMEs).
The round consists of £4m in equity and a £45m debt facility, led by a large US private credit fund specialising in supporting international lenders.
Lenkie claims that traditional banks have pulled back from small business lending, contributing to an estimated £22bn funding gap. This withdrawal has created a growing need for alternative financing solutions to help SMEs secure the capital they need to operate and grow.
AI-driven InsurTech CompScience raises $27.6m
CompScience, an AI-driven InsurTech focused on workplace safety, has secured $27.6m in a Series B funding round led by Sands Capital.
The investment will accelerate product innovation, expand operations, and enhance risk prevention technology to help organisations reduce workplace injuries and fatalities.
Other investors participating in the round include Four More Capital, Working Capital, and Valor Equity Partners, which have previously backed high-profile companies such as Tesla, Coalition, SpaceX, and Anduril.
Cloudsmith boosts security capabilities with $23m
Cloudsmith, the Belfast-based artifact management platform, has successfully secured a $23m Series B funding round.
The round was led by TCV, with Insight Partners also participating alongside several existing investors.
This significant investment underscores the escalating demand for robust software supply chain security, which Cloudsmith addresses with its cloud-native platform. Enterprises globally are grappling with the complexities of integrating open-source and third-party code, making security a critical priority.
Venn bags $21.5m in Series A
Venn, the newly rebranded Canadian financial platform formerly known as Vault, has successfully secured $21.5m in Series A funding.
The round was led by Left Lane Capital, featuring contributions from XYZ Venture Capital, Intact Ventures, and Gradient, signalling strong investor confidence in Venn’s mission to transform business banking in Canada.
Founded by former Revolut employees Ahmed Shafik and Saud Aziz, Venn offers a comprehensive suite of financial services, including multi-currency accounts, spend management, transfers, FX services, and accounting automation.
WealthTech firm Zocks bags $13.8m
Zocks, a privacy-first AI platform focused on enhancing client intelligence for financial advisors, has secured $13.8m in its Series A funding round.
The investment was led by Motive Ventures, with additional backing from Lightspeed Venture Partners, Expanse Venture Partners, Entrée Capital, and 14Peaks.
The WealthTech firm, established in 2022, specialises in leveraging AI to capture, analyse, and process client interactions, delivering insights and automating workflows for advisory firms. Since its official launch in early 2024, Zocks has rapidly gained traction, onboarding more than 1,000 advisory firms to its platform.
InsurTech platform CoverForce secures $13m
CoverForce, an InsurTech platform focused on enhancing infrastructure and connectivity within the commercial insurance sector, has raised $13m in a Series A funding round.
Founded by Cyrus Karai, Behram Dinshaw, and Kaivan Wadia, CoverForce operates a marketplace that facilitates seamless digital interactions between insurance carriers, agencies, and wholesalers.
The platform serves as a central hub for quote-and-bind API connections, enabling brokers, wholesalers and agencies to access instant quotes and bind policies with a single click.
AIceberg secures $10m
Alceberg, a pioneering company in the field of AI Trust technology, announced today that it has secured $10m in seed funding.
The financing round was led by SYN Ventures and Sprout & Oak, marking a significant milestone in the company’s journey to innovate AI safety, security, and compliance.
The company has established itself as a leader in creating AI transparency and compliance solutions tailored for enterprises and public entities. With the new funds, AIceberg plans to continue its path of innovation, focusing on developing enterprise-grade security that provides real-time, automated validation of all AI application traffic—from speech and text to images and source code.
Aryon Security secures $9m
Aryon Security, an innovative cloud security company, today announced its exit from stealth mode.
Founded by veterans of the Israel Defense Forces’ elite “Matzov” unit, Aryon Security is introducing a groundbreaking Cloud Security Enforcement Platform designed to prevent cloud risks before they become a problem in production environments.
The company has successfully raised $9m in seed funding. The investment round was led by Viola Ventures and Blumberg Capital, with significant contributions from cybersecurity industry notables such as Shlomo Kramer, Maty Siman, and Rubi Aronashvili.
Caddi bags $5m seed funding
Caddi, a professional services automation platform, has raised $5m in seed funding to advance its innovative “record-to-code” technology.
Caddi is focused on transforming the way professional services firms — including law firms, financial advisors, accountants, and consultants — handle repetitive administrative tasks. The company’s platform allows firms to automate their workflows.
At the core of Caddi’s offering is its “record-to-code” approach, which enables professionals to turn basic screen recordings into fully functional, API-driven automations.
InsurTech startup Outmarket AI lands $4.7m
Outmarket AI, a newly launched intelligence platform designed to transform the commercial insurance sector, has raised $4.7m in a seed funding round.
The capital injection is expected to accelerate Outmarket AI’s product development, grow its team, and strengthen strategic partnerships with leading brokers and insurance carriers.
The company, which was founded by experts in both InsurTech and artificial intelligence, has created a platform that directly integrates into the existing workflows of brokers and carriers. By embedding AI-powered automation and real-time insights into these processes, Outmarket AI aims to streamline operations, improve efficiency, and unlock new revenue opportunities for insurance professionals.
Cino raises €3.5m
Cino, a FinTech firm specialising in real-time shared payments, has raised €3.5m in seed funding as it prepares to launch in the UK and expand its footprint across Europe.
The funding round was led by Balderton Capital, with participation from Connect Ventures. Several angel investors also joined the round, including Barney Hussey-Yeo, founder of AI-powered money app Cleo.
Founded in 2023, Cino has developed a payment app designed to transform how groups of friends, families or housemates split bills and make purchases together. Rather than one person covering a payment and chasing others for their share, Cino allows all members of a group to pay their portion instantly and directly from their own bank accounts at the point of sale.
InsureVision raises $2.7m
InsureVision, an InsurTech company specialising in AI-powered contextual driving risk assessment technology, has successfully raised $2.7m in a seed funding round.
The investment round was led by Rethink Ventures, with participation from Twin Path Ventures and State Farm Ventures, the venture arm of State Farm, the largest vehicle insurer in the world.
InsureVision focuses on enhancing vehicle risk assessment by leveraging its proprietary “enviromatics” technology.
Episode Six secures strategic investment
Episode Six, a global provider of ledger and card infrastructure solutions, has secured a strategic investment from Japan Airlines, a long-time partner of the company since 2017.
The investment amount has not been disclosed.
Episode Six specialises in providing enterprise-grade payments technology, offering flexible and adaptable ledger and card infrastructure designed for financial institutions, FinTech firms, and consumer-facing brands.
PayBright invests in POS software firm Figure
PayBright, a merchant services provider, has announced a strategic investment in Figure, a point-of-sale (POS) software solutions provider.
The deal sees PayBright become Figure’s largest investor and its exclusive payment processing partner going forward.
The financial terms of the investment were not disclosed, but PayBright confirmed that the partnership will significantly expand Figure’s reach by tapping into PayBright’s national network of more than 800 merchant services agents, independent sales organisations (ISOs), and brokers. This network is expected to play a pivotal role in driving Figure’s growth and market presence.
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